VEO’s Industry business unit is experiencing strong growth on many levels.

In fact, all segments – Industry, Marine and Thermal Power – did well last year. We also took part in many interesting negotiations, e.g. in UK, Germany and Singapore, resulting in major contracts. They also strategically enabled to lift the UK as VEO’s new main export country. An interesting year, to say the least.

I’m especially pleased with how well our marine side developed. The major contract with German shipyard company Meyer Werft gave us never before seen publicity and boosted VEO’s profile and visibility. The mega deal includes the electrification of 4 cruise liners and is expandable with many other options. It’s set to continue until 2023, and the total employment effect is maximum 100 working years. We’ve already been recruiting new experts and will continue doing so. What also excites me is, that the productization part of the Meyer case has been successful, already leading to big improvements, which can be adapted for the whole VEDA low voltage switchgear platform – especially the new withdrawable solution.

Moreover, 2016 set some notable milestones. For example, we received a big and important deal in Scotland – our first full turnkey delivery for electrification in the UK industry sector. Around the same time, we successfully completed the largest CHP plant turnkey project in VEO history in Skövde, Sweden. Continuing the same theme, Andritz placed an order on their very first CHP project with VEO. The power plant will be located in Denmark, which marks new ground for us. New country, new thermal power customer – what more can you ask for? There’s a lot to do, but that’s the way we like it.

The UK has a lot of potential, and I’m very pleased that 2016 opened important doors to this new VEO market

Jarkko Aro

Vice President, Industry

Strong positive signals of a growth conjuncture are everywhere. Especially renewable and energy efficient solutions will be even more sought after in the future, as environmental agreements demand the decrease of CO2 emissions. For example, the UK currently has the highest waste-to-energy power plant investments in Europe. One by one dumps become smart power plants that turn waste into thermal power, electricity and district heating. In other words, the UK has a lot of potential, and I’m very pleased that 2016 opened important doors to this new VEO market.

Good outlooks, growth and lots of potential – that’s how we’re entering 2017. It’ll take a lot of work to keep up with this pace, but, as I said, these are positive challenges. VEO is becoming more and more international, but it wouldn’t be possible without our customers and trusted partners. Global networks, technical cooperation and strong project entireties – that’s what international integration is all about.


The company will continue its profitable growth strategy. In the long run, our goal is an annual growth of around 10% and continuous growth in profitability.

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